The city of Agra, located in Uttar Pradesh is the third largest city in the state. The city is on the banks of river Yamuna, and is well-connected with all the major cities of India by road and rail network.
Agra’s economy is tourism driven. Heritage monuments of Agra attract 2.2 million visitors every year. Leather and crafts are other major contributors to the economy.
Agra is just 200 kilometers from the national capital New Delhi and the announcement of the Delhi Agra Express highway also has added to the boom in real estate market. The city will soon have International Airport which is likely to increase the arrival of foreign tourists.
Uttar Pradesh State Industrial Development Corporation’s proposed 5-acre technology park at Agra-Delhi highway is another factor contributing to commercial real estate in Agra. The City Development Plan has provided for establishment of new industrial estates and maximizing infrastructure around the Taj and other heritage sites. With a total outlay of Rs. 73737.9 million over a period of 6 years, (2007-2012), of which 7.6% would be shared by private parties in development projects, property developers are confident of assured returns from investments in mega residential and commercial projects in Agra.
Agra’s traditional leather industry will get a boost with the setting up of leather and leather products SEZ on 100 hectares on the Agra-Delhi highway, with Parsvnath Developers bagging the contract for the project.
The Software Technology Park has also been approved near the Shastri Puram industrial area on the Agra-Delhi highway. This small beginning on 2 acres of land heralds a new era for Agra’s economy.
MG Road and Sadar Bazar of Agra are the commercial hubs of the city. Bhavna Plaza and Bhavna Towers are among the recently developed office spaces that have been attracting the attention of businessmen. After MG Road and Sadar Bazar, Sanjay Place has been emerging fast as the new business destination at Agra.
The economic growth of the city is pushing up the demand for residential units.